After several years of a tepid job market and the more recent stock market turmoil, many families have been feeling a deep sense of instability and angst. Couple that with the recent Standard & Poor’s downgrade of the U.S. credit rating – will the parade of downer economic news ever end?

In many parts of the country, businesses are feeling too nervous and cash-strapped to invest in new hires; even unhappy employees are feeling too fearful to jump ship; the underemployed feel, well, helpless and many younger people in their early 20s feel worthless, since no one’s hiring them. Many families are feeling pressure to make tough spending cuts, reduce borrowing and even pull out of the market.

All of this can wreak havoc on family life – as if holding down a job or hunting for a job plus managing a household weren’t stressful enough. Even though my husband and I are both employed full-time, I can’t help wondering what life is like for other families that aren’t so lucky.

Still, there are bright spots. Here in Austin, Texas, where I live, some companies are still partying like its 1999, hiring like gangbusters and offering archaic perks like hefty signing bonuses or retention bonuses to prevent jumpers. At a recent party, I was talking to a human-resources executive at a local alternative energy company who said they were hiring five or six people a week in recent months; another employee at a social-media tech company said they had added on roughly 100 new staffers since the beginning of the year. Of course, these high-flying companies may soon come down to earth if economic woes continue.

I’m wondering, readers, if your families are feeling economic angst? Are you trying to explain the situation to your kids? Have you cut back on spending? Or have you been able to tune it out – for now?

The truth is that whether you are a heavy uneducated american who is either buying things they don't need on credit or is among the unemployed with no job prospects in the future, or a rail thin educated european person who is on the dole sitting around all day discussing politics & never working, the time is coming to an end for all those who are on the government teat or the credit teat.
People either wise up have less kids, get a job somewhere else, take their lives for the insurance money or riot in the streets it is all up to the individual.
Taxing the $250 & above is not going to solve these issues for the USA & Europe can't support the social programs of the PIGS on the back of germany etc

Yes there can be some healthcare reform, some reductions in defense etc, but it won't stop people from making bad decisions and trying to pawn them off on someone else.

So if you have money pat yourself on the back for whatever got you there, whether it was your wits inheritance, intelligence or good looks & hang onto it for dear life because the masses will always be stupid they never learn, and no matter what you give to charity therer are always grasping hands looking for more.

Of course everyone is feeling it. Stocks are down globally. Government has little economic leeway both in terms of fiscal and monetary policies. But barring all of that, there are still some things that happening that seems to suggest things would get worse. Read about the 4 Most Depressing Consequences of the Sovereign Debt Rating Downgrade at The Weekly CryGest at http://weeklycrygest.blogspot.com/2011/08/4-most-depressing-consequences-of.html

About The Juggle

The Juggle examines the choices and tradeoffs people make as they juggle work and family. The site provides readers with news, insight and tips on parenting, workplace issues, commuting, caregiving and other issues busy readers with families face. It is also a place for readers to share and compare their own work-and-family experiences and to seek advice and recommendations. The Juggle is includes regular contributions from other staffers at the Journal. Contact the Juggle with ideas or suggestions at thejuggle@wsj.com